A. Donor, including donor's attorney, Realtor, and/or CPA
should provide the following information to the Foundation
before a property is accepted.

1. Basic Information
The basic information should include the following:

1. Address
2. Assessor's parcel numbers
3. Lot size or acreage
4. Description of any building (such as nature, age, prior uses)
5. Copy of current year's tax bill
6. Any other information which would be relevant to the Foundation.

2. Preliminary Title Report
Donor
is requested to provide to the Foundation a current preliminary
title report on the property, including copies of all documents
shown as exceptions to title on the report. Upon the
transfer of real property to the Foundation, it should receive
a policy of title insurance on an American Land Title Association
Form. To aid investigation of environmental matters,
the title insurer should be asked to identify owners in the
chain of title during the preceding fifty (50) years.

3. Market Value
The Donor should provide
the Foundation with a recent appraisal, or, if none is available,
a value opinion letter from a local Realtor.

4. Current Market Conditions
The
Donor or Donor's Realtor should provide any available comparative
market analysis of parcels in the same area as the property.

5. DisclosureEnvironmental
Problems. The
Donor should make a written statement in the form attached
to the effect that he/she is not aware of any actual or potential
environmental problems within the area where the property
is located or if aware, the nature and scope of any such
problems. For example, the Foundation should ask the Donor
to disclose if he or she knows of any problem regarding:

1. Hazardous waste;
2. Excessive noise
3. Polluted air
4. Polluted water, streams, ground water
5. Wetlands
6. Endangered species
7. Any other known or potential problem or notice of violations
8. The presence of asbestos
9. The presence of ead-based paint

If the property is the site of large amounts of hazardous
substances or underground storage tanks, or is listed on
the CERCLIS list, the Donor must deliver
an environmental disclosure document under the Indiana Responsible
Property Transfer Law. Property subject to disclosure
should be carefully inspected by a qualified environmental
consultant.

6. Survey
The
Foundation should request some form of current survey (not
older than six months, except in cases involving new construction
where a survey should be no more than 30 days old) before
accepting a property. A surveyor location report, also
known as a mortgage survey, is generally sufficient for single
family residential property. A staked survey, preferably
done in accordance with the Minimum Standard Detail Requirements
for Indiana Land Title Surveys (a "minimum standards
survey") is preferable in the case of commercial properties,
large tracts of undeveloped land or where there is a known
boundary dispute or discrepancies between the location of
structures and improvements and the purported property line.
The Donor is asked to contribute an amount sufficient for
a survey if one does not exist.

B. CostsIf
essential information is not provided by the Donor, Donor
is requested to contribute an amount sufficient to pay for
obtaining it. However, if the Donor is not willing
to advance these costs, the Foundation should determine whether
it would be advantageous for it to do so.

II. Criteria to Use to Determine
Whether to Accept the GiftThe Foundation
shall consider the following criteria in determining whether
to accept an offered property:

A. Analysis of Sale and Holding
Cost
The Foundation shall evaluate present
and future sale and holding costs. This analysis
shall include the following:

B. Hazardous Waste or Other Environmental
Problems.
The Foundation shall undertake
such investigation of environmental issues relating to
the property as it deems necessary or appropriate to enable
it to determine whether any problems exist, including without
limitation an investigation of any problems identified
by the Donor's statement under Section (A)(5) above. In
addition, the Foundation may, in its discretion, engage
a qualified engineering or other environmental assessment
firm to undertake an environmental review and deliver a
report to the Foundation." Specifically,
the Foundation will investigate the potential dangers of
current and past hazardous conditions on or near the property. The
following is a list of some of the prior uses that should
be investigated by a thorough environmental study before
a property is accepted: underground fuel storage (such
as service stations and vehicle fleet servicing); chemical
and manufacturing plants; printing facility; photo developing;
dumps; dentist office; and cleaners. This list is
by no means comprehensive. Property adjoining any past
or present industrial use may have been contaminated by
that use and may also bear further examination.

"Policy to require Phase One review and report
unless the Board in its discretion decides not to require
such a review and report.

C. On-Site Inspection
An
on-site inspection of any property should be undertaken
by the Foundation's officers or staff before it is accepted. If
none of the foregoing can make an inspection, a broker,
licensed contractor, qualified environmental assessment
firm or other appropriate person should make an on-site
inspection.

The appointed persons should look for any problems regarding
the following:

1. Environmental conditions (see sub
paragraph (A) (5)) specifically, the inspectors should
look for drainage ponds, pits or lagoons on the property;
stained soils; fill pipes protruding from the ground; flooring,
drains or walls stained by substances other than water
or emitting foul odors; evidence of waste water discharge
into a stream or ditch; demolition debris, tires or other
waste materials, or drums or barrels located on the property
2.
Boundaries
3.
If the property is improved, structural and soil
conditions
4.
Evidence of occupancy or encroachment

D. Unusual Circumstances
No
property should be accepted which has excessive environmental
or structural problems, or where the holding cost may approach
or exceed sale proceeds.

1. There may be situations where the Foundation finds that
the property ownership may be undesirable, yet the gift
may be substantial if converted to cash. (An example:
potential environmental problem - the Foundation should
not be in chain of title). The Foundation should
attempt to work with the potential Donor in developing
creative solutions to issues which may be raised by the
condition of the real property, including without limitation
seeking advice from attorneys, tax advisors, and other
counsel.
2. While giving all preceding items full consideration, some "special
circumstances" consideration may be used if the rejection
of the property would appear to have other long term negative
affects on the Foundation (i.e.: affect future gifts).

III. Criteria
to Use in Determining Whether to Hold or Sell a Donated
Property.

A. The General Rule.
To sell donated
properties as soon as possible. But properties may
be held if the Foundation determines that it would be beneficial
to do so.

B. Other CriteriaThe
Foundation shall consider such criteria as it deems necessary
or appropriate in determining whether or not to hold or sell
the real property, which criteria may include some or all
of the following:

1. Whether or not the Foundation assumes any mortgage payments
2. Whether or not the land is income producing
3. Whether or not the carrying costs are reasonable
4. Whether or not the property has a potential for exceptional
appreciation short term (less than three (3) years)
5. Whether or not the property has a potential for exceptional
appreciation long term (greater than three (3) years)
6. Whether or not it would be beneficial for the Foundation
to manage a property that is located out of its general
area of activity
7. Whether or not there are any present or potential managerial
problems
8. Whether or not the property will be owned by the Foundation
as a
9.
Program related investment

C. Life EstatesThis
policy will generally apply in determining whether or not
to accept property subject to reservation of a life estate. Of
course, the determination of whether to hold or sell will
depend upon the terms of the life estate agreement.

IV. Criteria
to Use in Disposing of Donated Property

A. Cash
Generally,
all properties should be sold for cash.

B. Carrying
Paper
The Foundation may consider taking
a promissory note, secured by a mortgage, if it is advantageous
to do so. The Foundation shall consider the following
criteria in making this determination:

1.The credit worthiness of the buyer
2. The amount of the note
3. The security
4. The time period
5. The interest rate
6. The amount of other income (if property income producing)
7.
The
effect carrying paper may have on the selling price received
by the Foundation
8.
The effect carrying such paper may have
on the value of the property, the length of time required
to sell the property, or other related issues

If the Foundation takes a mortgage, it
should avoid participating in the management of the property
or the buyer, in order to fall within the protection afforded
secured creditors from liability under the "Superfund" environmental
law.

V. Method
of Disposing of Donated Property

A. Broker
Consideration
The Foundation shall undertake
an inquiry to determine the manner most advantageous to
the foundation for the disposition of donated property. The
Foundation may, but shall not be required to, engage a
broker in connection with the sale of any donated property.

B. Marketing
Program
If the Foundation determines that
listing the property with a broker is in its best interest,
then all potential listing brokers selected by the Foundation
shall be required to provide it with a comprehensive marketing
program. The Foundation shall consider such
factors as it deems appropriate in selecting a broker,
which may include the marketing program, the commission
rate and the reputation of the broker.

C. Transfer
Documents
Whenever possible, the conveyance
should be made "as is" and by quit claim or special
warranty deed. The Foundation should receive an express
release from liability for environmental matters.